How Employee Benefits Packages Attract Top Candidates
Finding and hiring the high-end, niche Tech and Digital Marketing talent you need can be a challenge for even the most well-established companies.
Hiring strategies like speeding up your hiring process and knowing when to adjust hiring criteria for certain Tech roles are important components that can produce results.
However, one of the most impactful ways of attracting — and retaining — the talent you need comes down to whether or not you’re offering the most valuable employee benefits.
Spoiler: Your competitors probably already are.
What are the most popular employee benefits?
If you think your benefits plan and perks aren’t the reason talent is turning down your job offers or passing on an interview with your company, think again…
Basic health coverage for employee benefits
It should be no surprise that better health, dental, and vision insurance have been rated the most important benefits. Not to mention, health insurance, dental insurance and vision insurance were all ranked as the top benefit based on the correlation of overall satisfaction with benefits packages.
In fact, around 57% of candidates reported that benefits and perks are among their top considerations before accepting a job.
Getting it right and offering the best health, dental, and vision plans possible for your employees will also do more to improve employee satisfaction, which often results in increased retention and improved productivity, than catered meals or fun office décor will.
While providing high-quality, extensive health insurance to employees costs much more than fun or “trendy” perks might, it’s often a major factor in a candidate’s decision of whether or not to accept a job offer.
Tech employers should take extra time when crafting benefit and perks plans because the IT industry holds one of the top spots among industries with the highest-rated benefits.
This means whatever you choose not to offer, your competitors will.
The tech-based talent war is real, but the key to providing in-demand talent with the benefits that will entice and retain them is investing in what matters most to them.
Coupled with The Great Resignation and the latest employment trends, making an investment in expanding the health insurance benefits of your employees now is one that will provide the most ROI when it comes to attracting and retaining the high-end, in-demand talent you’re after.
Work flexibility for employee benefits
After health insurance, the next most valuable employee benefits were flexible work hours, more vacation time, work-from-home options, and an unlimited vacation policy.
These benefits are valued so highly that candidates have reported they would take a lower-paying job with these benefits over a higher-paying one that doesn’t.
How should you include remote work in your employee benefits plan?
To provide more flexible hours, remote or WFH options, and an unlimited vacation policy you must trust your employees to manage these benefits responsibly.
If there is no trust between employer and employees, then you likely won’t see these types of benefits at your business. However, there are ways to develop that trust and provide employees with these benefits as they earn them.
Implement tenure-based unlimited paid-time-off (PTO)
If you’re uncomfortable implementing these types of benefits company-wide or automatically offering them to new hires consider implementing a tenure-based policy where employees can earn them after a set amount of time with the business.
This is a simple strategy that helps establish a mutual level of respect and trust in the workplace and provides employees with the benefits they really want once they’ve shown they can manage them responsibly.
The best part? All of these trust-based benefits are relatively low-cost for the employer, and, in the case of the unlimited PTO policy, may even save you money.
If you do go with an unlimited PTO policy, make sure you don’t fall into the common problem of having employees who avoid taking vacation days altogether.
Customize employee benefits to your team
When evaluating your employee benefits, make sure you know what your employees find valuable.
Include student loan repayment as an employee benefit
While 401K matching might not be the most valuable benefit to millennials right now, paying off their student debts is.
Over 44 million Americans have student loan debt yet only a small percentage of companies currently offer student loan repayment assistance.
Offering student loan assistance is an innovative and effective strategy used by companies like yours looking to entice the most in-demand college grads and stand out from competitors who lack this valuable employee benefit.
Allow fexible work hours for parents
Similarly, the most valuable employee benefits to parents differ from the rest of your employees. According to this survey, parents value flexible hours and work-life balance more than salary and health insurance in a potential job.
When it comes down to it, the key to providing your employees with the benefits they value most is to understand what matters to them.
While offering high-quality health insurance should be the core investment in your employee benefits package, trusting your employees with additional benefits like WFH flexibility, unlimited PTO, and sending out annual surveys about their satisfaction with your benefits are effective strategies in helping you maintain a benefits package that is attractive to both potential and current employees.
Continue Reading:
- Proven Strategies to Avoid a Bad Hire
- 2022 Employment Trends to Find, Hire & Retain Top Talent
- How to Use Employee Onboarding to Improve Retention
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- Contact Mondo today for all your hiring needs
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